Sept 16 (Reuters) - Petra Diamonds reported a 22%fall in annual profit on Monday as the precious metals minergrappled with a weak diamond market, and the company also saidits non-executive chairman plans to step down.
The miner, which has been fixing its balance sheet followingyears of pouring millions of dollars to revive its flagshipCullinan mine, said its net debt adjusted for diamond debtorsstood at $541 million as of June 30.
Adjusted core profit fell to $153.0 million in the yearended June 30 from $195.4 million a year earlier. It reported anet loss after tax of $258.1 million, including a non-cashimpairment charge of $246.6 million due to weak rough diamondprices.
Non-Executive Chairman Adonis Pouroulis intends to step downfrom the board by the end of the third quarter 2020, once asuccessor has been identified and appointed, the miner said.(Reporting by Yadarisa Shabong in BengaluruEditing by Saumyadeb Chakrabarty)